This was a line said by Yang Zhongyou, a Chinese first-generation migrant worker who is now out of work and has returned to his village. Very timely not just in China but also all over the world. Imagine a country that has the biggest population in the world struggling to provide jobs.
Since the 1980's, China has dominated the mass production of global demands because of their cheap labor, helping increase the growth and economy of China, but now it has reached an infliction point. Wages has now doubles since 2008 and countries outsourcing their products to China are now exploring other countries in Southeast Asia where they can take their business to. With this already happening, migrant workers who's been fueling the Chinese economy for decades has now reached its peak and is now going down rapidly.
Countryside folks who went to the city to work at factories are now deciding to go back to their provinces because of over capacity and weak global demands. Happening right now, this is he biggest migration of any kind.
Watch this video below from Financial Times to know more about the end of the Chinese Migrant Miracle and how it will affect the whole world.
Post a Comment
0Comments